Bank of American and Wells Fargo banks are leading consumer banks in United States. Bank of America has been recovering its image from mortgage mess create due to foreclosures.

Wells Fargo:

Wells Fargo bank has been steadily growing in personal, small business and commercial markets.

I used Topsy, socialmention and followerwonk, as social media analytics tool.

Customer service accounts: @Ask_WellsFargo, @BofA_Help. I am trying to find how actively these 2 banks use twitter for customer service and how much the users and banks are involved.

Analyzing the activities, BOA is certainly ahead of the Wells Fargo. The data shows that BOA users are actively using twitter for customer support and BOA is actively addressing it. Wells Fargo has relatively lower number of tweets.

Data from socialmention

BOA:

Wells Fargo

Comparing the sentiments of BOA and Wells Fargo, it is 3:1 for BOA, where it is 2:1 for Wells Fargo, whereas based on Passion, Wells Fargo in ahead of BOA 35% vs. 26%.

Looking at the top hash tags – BOA has iwillexposeyou, which denotes the users’ resentment. People might be still upset with BOA, due to the mortgage crisis. Similarly Wells Fargo top hash tags are not related to wells fargo, but occupy Wall street. All these hash tags denotes people’s opposition to the big Wall Street companies. May be these topics are highlighted because the users opposing these big banks are more active.

From followerwonk: Comparison of followers of BofA_Help & Ask_WellsFargo

The data shows that BOA has greater number of followers than Wells Fargo. Both of them have high user engagement, but BOA is ahead in Average followers per day and total tweets.

Conclusion:

BOA has been utilizing social media for customer service and awareness. This might be due to their efforts towards regaining customer confidence and rebuilding their image. We see some resentment from users against these big Wall Street companies. It seems like BOA is working in the right direction and utilizing the social media to connect with the consumers and provide them help as needed. Wells Fargo has been doing well, but need to increase the customer engagement.

Bank of America helps to grow an Asian specialty grocer

Wells Fargo “Six String Dream” Behind The Scenes Video

BOA has good presence on all the social media channels and it seems to be more active than Wells Fargo on the social channels.

Wells Fargo has been growing due to their sound business practices and great customer service both in brick and mortar as well as online.

Wells Fargo messaging on social media is more fun filled and customer centric. This is probably to attract more young generation and keep them engaged with such content. On the other hand BOA has more educational and corporate announcements on the social media channel. BOA has lots of hate topic/handles on twitter, which points back to unfair business practices adopted by BOA, during the mortgages crisis and foreclosures. BOA messaging is focused on improving the corporate image and educating the customers on different financial topics such as – saving, mortgage, investment, etc. It is hard to determine who entered the social channels first, but BOA is surely leading on number of followers, fan base etc.

Overall Wells Fargo is keeping light content on the social media, whereas BOA is using the social media channels for brand building. We all know the historical reasons behind it, BOA need to rebrand itself and win the customers’ confidence back. I would propose to both of these organizations to tap back into loans for higher education which is in line with current government agenda and hence may get a backing from it.